Starting a Business when you are Broke
When it becomes clear that you no longer are satisfied or challenged with your job, it shall be time to think of doing something else. This shall be the perfect chance for you to think of starting a business. It makes no sense to hold onto a job that is headed nowhere. Your next challenge should be to figure out where to get the necessary capital. You do not need excess of it, just enough to cover the startup costs. Here are the things to do to get such an amount.
Research indicates that you only need to have the essentials covered when starting a business. Once you realize that you do not need to have so much money, your dream of starting the business suddenly seems possible. You should therefore first decide which line of business you want to get into. Not having lots of money limits your choices, but then again, some of the most successful businesses did not start with much. Think along the lines of a home based business, to keep your overhead costs minimal. You then need to accept the fact that you will have to make do with less as the business starts. Therefore, choosing which business you shall get involved in will give your plans some roots.
There is a need for you to see where to get the money. You need to see where you will get a business loan. You will have to get creative in this process. For most lenders, you will get the money if you keep a healthy enough account with them, or you present some form of collateral. There are lenders out there who look beyond these two variables. You could get some fast working capital on the internet. Some of those companies only accept online applications. You can search for such companies online and get helped. There are even loans extended to those who have poor credit scores. You may even get a loan for when you have no credit established in the first place. You can even turn to a friend or family member for the loan, or for their help in cosigning a loan with you.
Do not forget that you need a proper plan of how you will spend that money. You need to make sure that money is allocated in the right way, especially considering its source. You need to also borrow only the minimum amount. This shall ease the burden of paying it back. You need to make good use of a budget. You need to consider marketing a lot, since it is how you will attract more business. You shall discover more effective marketing options online.
You should keep your day job as the business grows. You can read more here about the best business plan ideas.